Cryocooler Market by Application, Type and Geography - Forecast and Analysis 2023-2027

Cryocooler Market Forecast 2023-2027:

The Cryocooler Market size is forecast to increase by USD 816.44 million, at a CAGR of 5.66% between 2022 and 2027. Market growth hinges on several pivotal factors. Firstly, the rising adoption of cryopreservation procedures across various industries lays a solid foundation. Secondly, the healthcare sector's increasing demand for advanced treatments like MRI, NMR equipment, and proton therapy drives market expansion. Lastly, the growing utilization of cryocoolers in drug research and development further propels market growth. These factors collectively contribute to a robust growth trajectory for the market, highlighting the crucial role of cryopreservation technologies in various fields, from healthcare to research and development. As demand continues to surge and technological advancements unfold, the market is poised for significant expansion in the foreseeable future.

What will be the Size of the Market During the Forecast Period?

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Market Segmentation

The market is experiencing robust growth driven by increasing demand for night vision based systems and defense applications. This surge is fueled by rising military spending worldwide. Technological advancements, particularly in mid wave infrared and infrared (IR) sensors, have led to significant improvements in cryocooler performance. Cryocoolers are integral components in various systems, including infrared and visible cameras and uncooled IR cameras, where they enable efficient cooling processes. Stirling cycle cryocoolers are emerging as a preferred choice due to their reliability and performance. Moreover, innovations such as Refrigerant and Inverter compressor technologies are further enhancing the efficiency and functionality of cryocoolers in diverse applications.

This report extensively covers market segmentation by application (military and defense, healthcare, aerospace, power and energy, and others), type (regenerative heat exchanger and recuperative heat exchanger), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

By Application

The military and defense segment is estimated to witness significant growth during the forecast period. Some of the key application areas of cryocoolers include defense, cooling infrared aircraft, electronic warfare systems, and superconducting devices. Additionally, they are widely used to cool internal solid-state focal planes for medium-wave infrared (MWIR, nominally 3-5 micron wavelength) and long-wave infrared (LWIR, nominally 9-12 micron) sensors.

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The military and defense segment was the largest segment and was valued at USD 711.98 million in 2017. Cryocoolers are also used extensively in tactical military applications to meet the cooling requirements of shipborne, airborne, and ground-based infrared sensors for at least thirty years. The acceptable limited service life (hundreds of hours) of cryocoolers was one of the primary reasons for their increasing use in tactical military systems. The fact that the system can be accessed on board, in the air, or on the ground, as well as retrofitted with a new cryocooler, is the main benefit. By maintaining low temperatures, cryocoolers are able to enhance the performance, sensitivity, and overall effectiveness of military and defense systems. Subsequently, such applications are supposed to drive the development of the portion which, thus, will drive the worldwide cryocooler market development during the figure time frame.

By Type 

Based on type, the segment is classified into regenerative heat exchanger and recuperative heat exchanger. Heat exchangers can be referred to as those devices that increase heat transfer and are essential components of all cryocoolers. One of the main functionalities of a regenerative cryocooler involves cyclically compressing and expanding a working fluid, mainly a gas such as helium or nitrogen. Hence, the benefit of a regenerator is that it helps to transfer heat between the incoming and outgoing streams of the working fluid, thereby enhancing the cooling efficiency. There is an increasing preference for regenerative coolers as they can provide reliable cooling without the need for cryogenic liquids like hydrogen, methane, etc., making them more compact and lighter weight. Hence, such factors are expected to drive the growth of the segment, which in turn will drive market growth during the forecast period.

By Region

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North America is estimated to contribute 29% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. A portion of the principal factors for the huge development of the market in North America is the variables, for example, developing interest for cryopreservation of biomaterials like antibodies, amino acids, proteins, cells, and tissue tests in biopharmaceutical research, and the expansion of the volume of cryopreserved samples. Because of the rising reception of associated IT engineering among biobanks and research facilities like Andrew Thamboo, Canada, and AGE-HIV, Canada, and so forth., that make use of cryocoolers, there is a significant demand in the region for cryocoolers of this kind. Thus, such factors are supposed to drive market development during the estimated time frame.

Market Customer Landscape

Our analysis of the adoption life cycle of the market indicates its movement between the innovator’s stage and the laggard’s stage. The report illustrates the lifecycle of the market forecasting, focusing on the adoption rates of the major countries. Technavio has included key purchase criteria, adoption rates, adoption lifecycles, and drivers of price sensitivity to help companies evaluate and develop growth strategies from 2022 to 2027. 

Market Customer Landscape

Market Dynamics

The market is witnessing significant growth driven by advancements in technological development and increasing demand from various sectors, including the military, healthcare, and commercial applications. Military applications, such as military night vision devices and defense capabilities, are propelling market expansion, particularly with the deployment of longwave instruments and IR sensors. Moreover, developments in cryogenic temperatures and infrared focal planes are enhancing night vision-based systems. In the healthcare sector, SQUID magnetometers and cryogenic catheters are leveraging cryocooler technology for medical imaging and procedures. Meanwhile, commercial applications, such as space thermal system design and pulse tube cryocoolers, are also driving market growth, reflecting the versatility and broad appeal of cryocooler solutions. Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market.   

Key Market Driver

Increasing adoption of cryopreservation procedures is driving market growth. The cryopreservation technique utilizes super low temperatures (in excess of 150 degree Celsius) and is broadly utilized for the safeguarding of organic examples. The preservation of cells and organs, molecular biology and biochemistry, cryosurgery, food sciences, and medical applications are among the most important applications of cryopreservation procedures.

Furthermore, this procedure is extensively used by laboratory clinicians, researchers, and medical practitioners for storing samples for a long time and maintaining consistency and reproducibility among these applications. Due to the significant use of cryopreservation of cells such as hepatocytes, cardiomyocytes, and neuronal cells in neuroscience and cardiology research, there is an increase in demand for these cells from end-users. Hence, such factors are expected to drive market growth during the forecast period.

Significant Market Trends

Growing demand for cryocoolers for COVID-19 vaccines is expected to have a positive impact on the market. The COVID-19 vaccines require a wider range of cold chain storage temperatures. Thus several companies, such as the PHC brand, are offering different varieties of cryocoolers that help to store COVID-19 vaccines along with other pharmaceutical products safely.

For instance, in December 2021, the United Nations Children's Fund (UNICEF) selected ultra-low-temperature (ULT) freezers and offered BioLife Solutions to extend the thermal stability of COVID-19 Vaccines. Furthermore, in late 2020, to support the worldwide development of COVID-19 drugs and vaccines, Thermo Fisher Scientific invested in new facilities for its cell and gene therapy portfolio in the US and Europe. Hence, these factors are expected to drive market growth during the forecast period.

Major Market Challenge

Threat from faulty or loosely insulated cryocoolers will be a major challenge for the market. Cryocoolers are predominantly intended to work and support in very low temperatures(below 120 K, - 153 degrees Celsius). One of the critical dangers in regard to cryocoolers is the spillage of gases because defective or approximately protected cryocoolers can antagonistically influence the well-being of representatives and individuals nearby the cryocooler.

For example, one of the main health hazards regarding cryocoolers includes inhaling argon involves suffocation. This inhalation of argon is harmful to the health as it can cause a stinging sensation in the eyes, vomiting, dizziness, rapid breathing, excitation, headaches, excess salivation, and stinging of the nose and throat, and, in worst cases, may lead to unconsciousness. Hence, such factors are expected to hinder market growth during the forecast period.

Who are the Major Market Players?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

• AIM Infrared Module GmbH: The company offers cryocooler solutions such as SX020, SX030, SX035 for HOT, 3rd Gen IR, and industrial applications.
• Air Liquide SA: The company offers cryocooler solutions such as LPTC Large Pulse Tube Cooler and HiPTC Heat Intercepted Pulse Tube Cooler.

We also have detailed analyses of the market’s competitive landscape and offer information on 20 market vendors, including:

• Advanced Research Systems Inc.
• Azenta Inc.
• Bluefors Oy
• Chart Industries Inc.
• Eaton Corp. Plc
• Honeywell International Inc.
• HYSYTECH srl
• L3Harris Technologies Inc.
• Lake Shore Cryotronics Inc.
• Lihan Cryogenics Co. Ltd.
• Lockheed Martin Corp.
• Northrop Grumman Corp.
• Ricor Systems
• RIX Industries
• Stirling Cryogenics India Pvt. Ltd.
• Sumitomo Heavy Industries Ltd.
• Thales Group
• TotalEnergies SE

Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.  

Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Application Outlook
  • Military and defense
  • Healthcare
  • Aerospace
  • Power and Energy
  • Others
• Type Outlook 
  • Regenerative heat exchanger
  • Recuperative heat exchanger
• Geography Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Argentina
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview:

The market is witnessing significant growth driven by diverse applications across various sectors. In the medical equipment domain, cryocoolers play a vital role in MRI systems, where superconducting magnets require precise cooling for optimal performance, reducing input power consumption and ensuring efficient operation. These systems offer numerous benefits, such as high-resolution magnetic resonance images of tissues and organelles, aiding in biological constructs and medical diagnoses, including cancer detection. Additionally, cryocooler technology extends to cryobiology and reproductive medicine, enhancing treatments for conditions like lung and brain cancer and leukemia. Beyond healthcare, cryocoolers find application in space exploration, supporting activities ranging from satellite-based surveillance to missile guidance systems and even enabling liquid hydrogen storage for rocket propulsion in platforms like the Vega E launcher. With rising investment and demand in the space sector, cryocoolers are poised for continued expansion, driving advancements in cryogenic cooling technology and infrastructure development.

Further, the market is experiencing robust growth driven by diverse applications across multiple sectors. In the medical devices space, cryocoolers are crucial components in MRI units, facilitating the generation of high-quality magnetic resonance images for medical diagnostics. This technology's commercialization is expanding rapidly, with organizations like IBEF driving advancements in cryocooler systems. Moreover, cryocoolers find utility in space applications, supporting Government space organizations in endeavors such as satellite based surveillance and medium-class satellite launches from bases like Kourou in French Guiana. Additionally, they play a vital role in nuclear weapons and missile defense systems while also enabling advancements in hydrogen technology for liquid hydrogen storage tanks and onboard fuel systems in trucks and transport trailers. As demand rises, the cryocooler market continues to innovate, leveraging technologies such as active cooling, closed tubes, and regenerative heat exchangers to meet evolving needs.

Market Scope
Report Coverage	Details
Page number	164
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 5.66%
Market growth 2023-2027	USD 816.44 million
Market structure	Fragmented
YoY growth 2022-2023(%)	4.82
Regional analysis	North America, Europe, APAC, Middle East and Africa, and South America
Performing market contribution	North America at 29%
Key countries	US, China, Japan, UK, and Germany
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	Advanced Research Systems Inc., AIM Infrared Module GmbH, Air Liquide SA, Azenta Inc., Bluefors Oy, Chart Industries Inc., Eaton Corp. Plc, Honeywell International Inc., HYSYTECH srl, L3Harris Technologies Inc., Lake Shore Cryotronics Inc., Lihan Cryogenics Co. Ltd., Lockheed Martin Corp., Northrop Grumman Corp., Ricor Systems, RIX Industries, Stirling Cryogenics India Pvt. Ltd., Sumitomo Heavy Industries Ltd., Thales Group, and TotalEnergies SE
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
• Precise estimation of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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